Word: automen
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Dates: during 1960-1969
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Steelmen faced much the same paradox as automen: pinched profits amid strong sales. Among the six major steelmakers reporting for the third quarter last week, higher earnings were registered by two-Bethlehem and Jones & Laughlin-and lower earnings by four -National, Armco, Inland and, most significantly, U.S. Steel. That giant's profits were off 14%, to $62 million, but its directors raised the quarterly dividend from 500 to 600, and they would not have done so unless they felt that the company could comfortably stick with the higher dividend. Industry analysts expect that steel production this year will reach...
...automen insisted that the increases did not make up for higher labor and other costs but mostly covered new safety features. The two-door Ford Fairlane, for instance, was priced at $2,239.81 for 1966. To this, $23.50 is added for "product improvement," meaning dual brakes, collapsible steering shaft, safety door latches, improved suspension, breakaway rearview mirror. Safety features that were optional on the '66 Fairlane now become standard at a cost of $70.46. They include a nonglare mirror ($16.86), retractable seat belts ($14.53), uniform-pressure tires ($7.90), padded pillars ($18.22) and two-speed windshield washers and wipers...
Scowls at Style. Last week, to the surprise of unflamboyant automen, American Motors' board elected Evans as chairman. He succeeded Richard E. Cross, who became chairman of the executive committee in order to devote more time to his Detroit law practice. A.M.C.'s crusty Roy Abernethy remained as president and chief executive, but Evans quickly made it obvious that he intends to be the new giver of gospel. While Abernethy scowled at a press conference and puffed a six-inch cigar down to the stub, Evans committed the automaking heresy of knocking the styling of his company...
Speaking for the industry, Ford Vice President John Bugas told a House committee that the automen now not only "strongly endorse" the bill, but also would like to see Congress give the soon-to-be-created Secretary of Transportation the power to set up "legally binding" safety standards. At the same time, said Bugas, the Secretary should ensure Detroit and the states a part in setting safety standards, and should not make such standards mandatory without "reasonable efforts to arrive at a meeting of minds...
Detroit traditionally has stressed style and speed in automobiles ahead of safe ty. But considering the carnage on the highways (49,000 traffic deaths last year), and under continued pressure from the Government, the industry has been moving gradually to make cars safer. Last week the automen took an other step. General Motors announced that it is adding two new safety features as standard equipment on all its ]967 models, which will appear this fall...